- VeChain price has lost 10% of market value in the last six days.
- VET's uptrend has the potential to rally toward the $0.034 level.
- Invalidation of the bullish thesis would arrive from a break below $0.021
VeChain price has experienced a recent market decline but still appears to have the potential for a bullish uptrend.
VeChain price consolidating as a potential buying opportunity?
VeChain price has declined nearly 10% over the last six days, marking the longest declining streak for the token in 2023. Despite the profit-taking move, VET’s technicals are still in line with the overall bullish uptrend. The Relative Strength Index (RSI) suggests that the uptrend rally, which is 80% above its origin point at $0.015, still has the potential to extend higher.
VeChain's current trading price is $0.027. The RSI broke into overbought conditions last week when the price rose into the mid-$0.03 zone after nearly two weeks of consolidation within the low $0.02 zone. Furthermore, a bullish divergence is displayed at current price levels compared to the previous range, near $0.022. Bullish divergences on the RSI are common reversal signals as they are known to catalyze strong counter-trend surges.
Based on the analysis, the next bullish target for VeChain lies near the $0.03 level to challenge liquidity dating back to August of 2022. The bullish scenario creates the potential for a 20% increase from VET's current market value.
VET/USDT 3-day chart
Invalidation of the bullish thesis would arise from a break below the three-day bullish engulfing candle that broke through the previous two-week trading range at $0.021. If the bears breach this level, the VET price could decline 50% to 61.8% of the winter rally. The bearish scenario would create the potential for a 20% drop, targeting liquidity levels as low as $0.019.
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